If India successfully achieves the electric vehicle target in coming years, then the country has the capability to save up to $330 billion (Rs 20 lakh crore) by 2030 due to avoided oil imports, said a FICCI report.

A FICCI – Rocky Mountain Institute report titled ‘Enabling India’s Transition to Electric Mobility’ was released by the Union Minister Nitin Gadkari on Monday released the FICCI – Rocky Mountain Institute report titled ‘Enabling India’s Transition to Electric Mobility’ at a conference in New Delhi, while talking about key barriers to vehicle electrification in India’s passenger mobility sector.

The study estimates India's population to nearly double approximately 600 million in the next decade - which would bring opportunities like 500 million trips almost per day.

While such rapid growth poses major policy and business challenges for both public and private sectors, the study notes that it represents enormous economic opportunity.

"Optimizing e-mobility use for everyday life with greater thrust on use of public transport, e-vehicles, metro solutions and shared rides as means for mass transit could also prove game-changers in addressing the issue of air pollution in urban areas," it added.

Also, this shared mobility paradigm could result in sales of over 46,000,000 vehicles (two, three and four wheelers) by 2030, making Indian companies leaders in EV technology.

As per the study, 4-wheel EV sales may exceed 4-wheel ICE sales by 2027. After this intersection point, 4-wheel EV sales will grow rapidly, with nearly 16 million 4-wheel EV sales in 2030.

In the month of August, Piyush Goyal the then Minister of State for Power and Renewable Energy highlighted a road map where only electric vehicles will be produced and sold in the country by 2030.

Expressing confidence in shifting from petrol & diesel to electric vehicles, Goyal said that the Centre will establish charging stations to start with and later through franchisee model, create jobs for lakhs of entrepreneurs to establish charging stations across the country.

However, as per members of Ficci, achieving 100% EV sales by 2030 is challenging, doing so would create a major business opportunity for automakers. Realizing this goal would have a significant impact on India’s vehicle stock, with a nearly equal split between ICEs and EVs by 2030 in the 4-wheel segment.

They further highlighted main barriers to EV adoption like price, selection, range, charging, and consumer awareness — are falling due to steeply falling technology costs, business model innovation, and increasing connectivity.

India can accelerate its EV adoption by addressing these key challenges through a whole-systems approach.